The Securities and Exchange Commission (SEC) in the United States intends to reevaluate previous cryptocurrency-related cases, and there’s a possibility they might dismiss ongoing lawsuits. These changes are anticipated following the inauguration of President Trump.
Upon Donald Trump assuming office, the U.S. Securities and Exchange Commission (SEC) is considering a review of past crypto-related cases. Some of these legal actions, specifically those not involving fraud allegations, might be put on hold. However, there’s a possibility that some cases could be revisited later. Moreover, the SEC may also reconsider accounting rules that oblige listed companies to account for costs associated with holding cryptocurrency tokens on behalf of third parties at ‘carry cost.’
As reported by Reuters, Hester Peirce and Mark Uyeda, commissioners, are considering potential steps aimed at providing clarity regarding whether a specific cryptocurrency qualifies as a security. They also aim to revisit certain crypto enforcement cases that are currently being deliberated in the courts. These actions are expected to be implemented following President Trump’s inauguration.
SEC Expected to Withdraw Some Ongoing Crypto Cases Amid New Leadership
Despite being perceived as supportive towards cryptocurrencies, Paul Atkins is anticipated to take over as SEC chair. It seems likely that, should he be confirmed, he may aim to reverse some of the restrictive crypto policies implemented by Gary Gensler during his tenure under President Biden. However, it remains uncertain when the Senate will confirm Atkins for the role. Interestingly, on January 20, which also marks the day Donald Trump is sworn in for a second term, Gensler has already announced his resignation from the SEC chair position.
After Peirce and Uyeda take charge of the majority of politically appointed positions at the SEC, they will be the ones driving the changes forward. These two individuals have shown support for cryptocurrency in the past, have criticized Gensler’s strict control, and have proposed crypto-friendly alternatives.
From 2002 to 2008, Atkins served at the Securities and Exchange Commission (SEC), during which time both Peirce and Uyeda were part of his team. The three share a strong professional rapport and have discussed the potential shift in cryptocurrency policies. In the initial phase of the new administration, the SEC is likely to revisit some ongoing legal matters. Some of these cases may be temporarily halted, particularly those without fraud accusations, and could be dismissed at a later stage.
A number of defendants argue that cryptocurrencies should be classified as commodities instead of securities. In their statement, they express confusion about when the SEC’s rules are applicable. Some of these defendants have further requested clearer regulations that will help determine when a token transitions from being a commodity to a security.
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2025-01-17 10:33